And if private banks continue their money printing ways, instead of a precipitous fall in the rate of monetary inflation we could be looking at a precipitous rise.
You see, even if private banks cease their money printing activities, activities that are currently running at a robust year-over-year rate of 15.2% (see the first table), there is still a near certain swath of inflation to come.
Either from increased borrowing, or increased taxes, which both take an equal amount of resources and spending out of the private economy as they finance increased government spending, or from printing more dollars, which just creates inflation (devaluing private spending by an equal amount).